In the past month, 27 memcoin projects on the Solana blockchain managed to attract around $112 million in investor assets. However, nearly 50% of these promising projects, which garnered the interest of crypto investors, were quickly abandoned. Some of them didn’t even issue a single token after the investment round.
Some of the biggest abandoned memecoin projects included LIKE, MOONKE, FROG, TEMPLE, and SORRY, each of which managed to raise $2 million. Other abandoned projects raised anywhere between $1,400 and $180,000. An anonymous developer going by the handle @Jared_eth was able to secure around $800,000 from investors for their project, even though no digital asset was ever launched. Surprisingly, investors were not deterred by the fact that the @Jared_eth account had been compromised and flagged by the Web3 ROS security platform.
ZachXBT expressed his frustration, stating that the experience of participating in pre-sales of memcoins on Solana hasn’t taught anyone anything, as a similar investment frenzy is happening on the BASE blockchain, which is supported by the Coinbase crypto exchange.
Earlier, Anatoly Yakovenko, co-founder of Solana, issued a warning stating that “pre-purchasing memcoins before the project launch does not make any financial sense.” He urged users to avoid getting caught up in the hype and to refrain from investing in pre-sales of memcoins.
Recently, Charles Hoskinson, founder of Cardano, shared a chat recording with his followers on social network X, where he exposed a fraudster attempting to impersonate Anatoly Yakovenko, co-founder of Solana.